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BNDES sees no Brazil retail deal without Casino

6 July 2011

July 5 - The chairman of Brazil's BNDES told Casino's CEO that the state development bank would not back a hostile move on retailer Grupo Pao de Acucar and that there would be no deal with French rival Carrefour without Casino's consent.

French retail giant Carrefour convenience store - photo: corbis

"Luciano Coutinho reaffirmed that he does not wish to get involved in a dispute between the shareholders of GPA and that BNDES would not support a hostile move on GPA," a Casino spokesman said, referring to a conversation the retailer's chairman and CEO Jean-Charles Naouri had with Coutinho.

"Nothing would be done without the prior approval of Casino and without full compliance with the law and business ethics," the spokesman added.